We are pleased to present this guest commentary from Jon Coupal, the President of the Howard Jarvis Taxpayers Association…
PENSION TSUNAMI
When the city of Vallejo filed for bankruptcy earlier this year, it made national news. Among the alleged reasons for this financial debacle was, as usual, Proposition 13. Same urban myth, different city. Recall that Prop 13 was also blamed when Orange County went bankrupt. In spite of the clearly documented evidence of the Orange County Treasurer’s criminal wrongdoing and the fact that he used an astrologer to assist him in making investments of public dollars, in some quarters, it is always Proposition 13’s fault when any government entity runs short of money.
Nor is Proposition 13 culpable in Vallejo’s budget shortfall. During more prosperous times Vallejo promised its employees compensation packages it cannot now afford to pay. And that is just the good news.
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